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2021-03-31-accounts

Company Registration No. 01396429 (England and Wales) Charity No. 276892

Kiln Theatre

Trustees’ report and financial statements for the year ended 31 March 2021

Kiln Theatre

Company information

Trustees Dawn Austwick
Nicholas Basden
Dominic Cooke
Moyra Brown
Sita McIntosh
Karen Napier
Shrina Shah
Christopher Yu
Company Secretary Daisy Heath
Company number 01396429
Charity number 276892
Registered office 269 Kilburn High Road
London
NW6 7JR
Executive Team
Artistic Director / Chief Executive Indhu Rubasingham
Executive Director Daisy Heath
Independent auditors Saffery Champness LLP
71 Queen Victoria Street
London
EC4V 4BE
Bankers HSBC
50 – 52 Kilburn High Road
London
NW6 4HJ

Kiln Theatre

Contents

Page
Trustees’ report 1
Independent auditors’ report 12
Consolidated statement of financial activities 16
Balance sheets 17-18
Consolidated statement of cash flows 19
Notes to the accounts 20-39

Kiln Theatre

Trustees’ report For the year ended 31 March 2021

The Trustees (who are also Directors of the Company) present their report, together with the audited financial statements of the charitable company, for the year ended 31 March 2021.

1. TRUSTEES AND ADMINISTRATIVE DETAILS

Trustees:

The Trustees of the charitable company are its trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees.

The Trustees who served during the year and since the year-end were as follows:

Dawn Austwick Nicholas Basden Dominic Cooke Moyra (Doyle) Brown Sita McIntosh Anneke Mendelsohn (resigned 7 October 2021) Karen Napier Shrina Shah (appointed 21 April 2020) Barrie Tankel (resigned 25 February 2021) Christopher Yu (appointed 1 April 2021)

Brent Council Representatives (Observers):

Cllr Muhammed Butt Cllr Rita Conneely

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2. STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing Document

The Kiln Theatre is a company limited by guarantee. It is also a registered charity and is regulated by the Charity Commission. On 10 June 2019 the previous Memorandum and Articles of the company were revised. The revised governing document allows for a maximum of 15 Trustees and a minimum of 3. Trustees serve a maximum term of 3 years and can serve for a maximum of 3 consecutive terms. All Trustees are members of the company and are automatically appointed as such when they are elected to hold office. They cease to be members when their term of office as a Trustee ends. As a company limited by guarantee, all members are liable to pay £1 in the event of winding up or dissolution of the charity.

Appointment of Trustees

New trustees are elected to the Board by existing members after discussion and the induction process is described below.

Dawn Austwick has been Chair of the Trustees since 1 January 2020.

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Kiln Theatre

Trustees’ report For the year ended 31 March 2021

Trustees Induction and Training

The Nominations Committee is responsible for reviewing the skills of Trustees and ensuring that any gaps that exist in those skills are addressed as vacancies arise. All potential Trustees are referred to the Nominations Committee to ensure that any appointment fills identified gaps. The Committee will then make its recommendation to the full Board, who will then decide whether to invite him or her to become a Trustee.

New Trustees go through an induction process which includes seeing copies of the current business plan, recent board meeting minutes, most recent management accounts and statutory accounts and meeting with key members of staff.

Organisation

The Board of Trustees is responsible for the strategic direction of the charity. The Board is required to meet at least 3 times a year. It has two sub-committees responsible for looking at specific areas in more detail; Finance, Risk & Remuneration and Nominations.

The Trustees have delegated the operational day to day running of the charity to the Executive Team; the Artistic Director and Executive Director.

Related Parties

The charity has two wholly owned subsidiary companies; Kiln London Productions Limited (formerly Tricycle London Productions Limited) and Tricycle Screen Limited. There are no other related parties.

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Risk Management

The Trustees have identified the major risks to which the charity is exposed, and systems have been established to mitigate these risks. The main procedures in place for identifying, evaluating and managing risks are:

At the 31 March 2021 the key risk facing KilnTheatre was the continuing situaion around Covid-19 and its impact on the theatre being able to open and operate in a way that enables it to continue its mission.

3. OBJECTIVES AND ACTIVITIES

The charity has the general aim of using different art forms to entertain, educate and stimulate audiences, participants and users to contribute towards a more cohesive community.

Kiln Theatre sits in the heart of Kilburn in Brent, a unique and culturally diverse area of London where over 140 languages are spoken. We are a newly refurbished, welcoming and proudly local venue, with an internationally acclaimed programme of world and UK premieres. Our work presents the world through a variety of lenses, amplifying unheard / ignored voices into the mainstream, exploring and examining the threads of human connection that cross race, culture and identity.

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Kiln Theatre

Trustees’ report For the year ended 31 March 2021

We believe that theatre is for all and want everyone to feel welcome and entitled to call the Kiln their own. We are committed to nurturing the talent of young people and providing a platform for their voices to be heard.

Our Vision

To uncover our shared humanity, illuminating our connection through stories and deepening our capacity to empathise with each other

Our Mission

To make theatre for all by making space for unheard/ignored voices

Kiln Theatre encourages artists of all ages and backgrounds. Our ambitious Creative Engagement programme aims to champion the imagination, aspiration and potential of the Brent community young and old. We invest in creating meaningful relationships with young people to inspire and encourage their creativity, their confidence and self-esteem. We work with older people to create a thriving community around our theatre.

As a National Portfolio Organisation of Arts Council England, the charity has also subscribed to the following objectives as set out in its funding agreement with Arts Council England: that talent and artistic excellence are thriving and celebrated; that more people experience and are inspired by the Arts; and that the Arts are sustainable, resilient and innovative.

Kiln Theatre’s main areas of activity are as follows:

Artistic Programme

As 2020 began, Kiln had really hit its stride with productions such as Blues in the Night,Anupama Chandrasekhar's When the Crows Visit and Pass Over by Antoinette Nwandu attracting some of the most diverse audiences in London. Our 19/20 season included four Kiln commissions: half by female playwrights, all directed by women. They tackled contemporary issues including colonisation and empire; how women can perpetuate misogyny in patriarchal societies and police brutality on Black men in America. On 16 March 2020 we cancelled all Theatre and Cinema performances due to the COVID-19 nationwide lockdown. This meant that our critically acclaimed production of Pass Over was cut short and future productions A Museum in Baghdad by Hannah Khalil (a co-production with the RSC), The Glee Club by Richard Cameron (a coproduction with Out of Joint and Cast) were cancelled. When offered a refund, over a third of customers offered to donate their ticket amount to the theatre as a gift.

In 2020, Brent was the Mayor of London’s Borough of Culture which was a year-long celebration of London’s most diverse and exciting borough. It was a fantastic opportunity to celebrate Brent and everyone who lives and works in the borough and was to be an excellent opportunity for audience development and engagement. Kiln Theatre was integral to the delivery of a number of cultural projects. Due to Covid-19, many events of Brent 2020 were unfortunately cancelled or taken online. Through support from Brent and the Brent2020 legacy charity Metroland, Kiln Theatre will continue to develop and support these projects through 2020 and 2021. We are committed to produce our two Brent-focussed plays NW Trilogy by Moira Buffini, Suhayla El-Bushra and Roy Williams and Zadie Smith’s playwriting debut The Wife of Willesden. For

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Kiln Theatre

Trustees’ report For the year ended 31 March 2021

us, this is the focus to reengage and support our local audiences and offer outstanding work on their doorstep about their communities. NW Trilogy will be presented as part of the Mayor’s London Borough of Culture, Brent 2020 with support from Airbnb Community Tourism Programme and will sit alongside the Listen Local Young Writers Programme, giving young potential writers an opportunity to begin learn how to write a play. The Wife of Willesden is presented by Kiln Theatre in association with Brent 2020, London Borough of Culture.

As we couldn’t produce anything on our stage for a physical audience, we decided to offer the following programme of work online for free to you.

Kiln Insight was a programme of ways for us to keep in touch with our audiences and for them to learn more about, and get involved in our artistic output. This was a programme of exclusive interviews, webinars, filmed content and workshops available for free to everyone.

Highlights from our Kiln Insight series was a Directing workshop with Artistic Director Indhu Rubasingham, Musical Theatre workshop with Associate Director Susie McKenna, interviews with Sharon D Clarke, Rakie Ayola, Roy Williams and Suhayla El Bushra and a series of webinars with freelancers about how they collaborate with one another.

Our New Work Associate led a number of free workshops sessions for young budding playwrights from Brent which evolved into a larger Young Writer Playwriting course, their final plays of which were performed by professional actors and live streamed from the Kiln stage.

Our most successful digital output were the live streams of our rehearsed readings of Ayad Akhtar’s The Invisible Hand directed by Indhu Rubasingham in December and Marina Carr’s Draft Girl on an Altar in March, directed by Susie McKenna and Indhu Rubasingham.

Creative Engagement programme

The pandemic has made us even more committed to Kiln's mission, which feels like it is needed more than ever. It has made us dig deep into our values and to explore what Kiln's contribution can be to Brent's recovery and renewal. We collaborated with a brilliant charity Food for All, to provide free meals every Tuesday lunchtime for those in need in the local area from January to May. We have remained committed to young people in our community throughout this period, producing two online productions to great success and continuing to deliver The Agency which is a social change project to support Brent-based young people between 15-25 years old develop ideas for their area, turning their passion into projects.

In addition, our Minding the Gap project which supports young people newly arrived in the UK, to develop the language skills and confidence through drama has been continuing and will do so throughout the school term. We have had to tailor it and adapt it for the changing circumstances, so currently it’s more of a satellite scheme where we visit individual schools and colleges, but we’re determined to keep it running for those young people who need it.

We have also launched our Young Writers Programme to engage with young people from Brent with something to say, but who have never written for theatre before; giving a platform and amplifying the voices of the next generation. As the pandemic progressed we pursued different ways of connecting with local communities, including an English language project for parents in February half term in collaboration with Salusbury World and we worked with our neighbours Brondesbury Medical Centre to forge closer links even becoming a vaccination hub for a day at the end of May 2021.

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Kiln Theatre

Trustees’ report For the year ended 31 March 2021

On 21 May 2021, Kiln Theatre reopened for socially distanced performances of the award-winning debut play Reasons You Should(n’t) Love Me, in co-production with Paines Plough, the Women’s Prize for Playwrighting and 45 North.

Cinema

The cinema was closed for the entire financial year. Following some refurbishment we hope to reopen the cinema in late August 2021.

In planning the charity’s activities, the trustees confirm that they have paid due regard to the Charity Commission’s guidance on public benefit.

4. ACHIEVEMENTS AND PERFORMANCE

Throughout the financial year Kiln Theatre remained closed. The key focus of the Executive team through the year was to ensure the survival of the Theatre so that it was ready and able to reopen when allowed. Kiln was successful in receiving 3 grants from the Arts Council and DCMS during this period with the emergency funding grant and the first Culture Recovery Fund supporting it through the year and then the Culture Recovery Grant 2 supporting the reopening of the theatre in the first quarter of 2021/22. The majority of staff were put on furlough in the year and whilst redundancies had to be made these were much reduced by the furlough scheme and cost control.

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The Trustees were delighted that Kiln Theatre was awarded the Best London Theatre in 2021 by The Stage.

"In 2020, a year like no other, Kiln Theatre not only enjoyed runs of critically acclaimed shows but also recommitted to its core mission - serving its local community. It is devoted to young people and has had Brent's recovery and renewal firmly at the heart of its initiatives"

Kiln Community

Kiln Community work included:

“I absolutely loved watching these incredible young people devise and perform such moving pieces about the climate change emergency we are having!” Tweet in praise of Dear Future Generations

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Kiln Theatre

Trustees’ report For the year ended 31 March 2021

“My goodness, this live stream of Marina Carr’s new play is absolute fire!” Tweet in praise of Girl on an Altar

“Great writing and powerful performances. I miss being in the room but was gripped by this livestream and would love to see the full production. Also offered for FREE but well worth the donation.” Tweet in praise of Girl on an Altar

“Watching the enthralling live-stream reading of The Invisible Hand. Thank you, Kiln Theatre!” Tweet in praise of The Invisible Hand

Fundraising

Our fundraising efforts in 2020-21 were both heavily influenced by and carried out in response to the COVID19 pandemic.

Within days of our building’s closure, we launched our Solidarity and Support fundraising appeal, encouraging all those who were able to support us with a donation of any size as we navigated those deeply uncertain times. 284 individuals gave a total of £46,400 to this appeal. In addition, 418 ticket-bookers kindly allowed us to retain some or all of their ticket refund as a donation, contributing a further £16,000. Finally, Backstage Trust, Esmée Fairbairn Foundation and Wellington Management UK Foundation made emergency grants to Kiln Theatre totalling £180,000. This combined support played a fundamental role in supporting us during the early months of the COVID-19 pandemic.

In November 2020 we launched our second fundraising appeal: Kiln Community. Funds raised supported Draft our many different communities during the pandemic, including freelance creatives, young people, aspiring playwrights, members of our local community, and many others. 260 donors contributed £79,700 to this appeal in just four months, enabling us to employ freelance creatives for two free live-streamed rehearsed readings, continue our drama workshops with young people, offer free hot meals for those in need from our building each week, reopen our building safely, and much more. Through donations large and small, over the entire campaign Kiln Theatre supporters gave £97,487.95 to our Kiln Community Appeal. Which exceeded the original target of £70,000.

We are indebted to the trusts and foundations whose continued support enabled us to undertake as much of our core activity as possible, including our Creative Engagement projects. These include Marie-Louise von Motesiczky Charitable Trust, Bertha Foundation, John Lyon’s Charity, Wellington Management UK Foundation, Roddick Foundation, Foyle Foundation, Pears Foundation, Young Londoners Fund, Cockayne – Grants for the Arts and London Community Foundation, BBC Children in Need, Brent London Borough of Culture 2020, 29[th] May 1961 Charitable Trust, Vanderbilt Family Foundation, Noël Coward Foundation and John Thaw Foundation.

We are also grateful to the 105 individual supporters whose monthly and annual donations became more important than ever as core income during COVID-19. We also received a generous legacy from local resident Harry Frank Rose and we are proud to have named a seat in our auditorium in his memory. We are indebted to our Visionaries group whose guidance, generosity and commitment to our mission made a uniquely significant contribution to our reopening plans.

Finally, support from Backstage Trust and Bertha Foundation enabled us to recruit an Associate Designer, create Kiln's new Resident Assistant Designer scheme and commission five new plays from an extraordinary group of Global Majority women, ensuring that we were able to open up pathways for emerging talent and develop new writing in a year in which so much was paused or cancelled in the theatre industry.

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Kiln Theatre

Trustees’ report For the year ended 31 March 2021

The support of our donors in 2020-21 cannot be underestimated. Our heartfelt thanks to each and every person and organisation who supported us during the year with gifts both small and large.

The Trustees take their responsibilities under the Charities (Protection and Social Investment) Act 2016 seriously and have considered the implications on their activities. Kiln Theatre has an Acceptance of Donations Policy, an Ethics Policy and a Whistleblowing and Anti-Bribery Policy which outline the standards and practices for all theatre representatives to follow. We are a paid member of the Fundraising Regulator and we subscribe to the Fundraising Preference Service. We follow the Code of Fundraising Practice and we stay up to date with compliance and regulation around fundraising.

The Board of Trustees is regularly updated on fundraising progress. Our Acceptance of Donations Policy outlines the process for accepting and soliciting donations to ensure that fundraised income is raised in accordance with the theatre’s ethics as well as other policies and the Code of Fundraising Practice. It also contains guidelines for fundraising involving vulnerable people. In the year ended 31 March 2021 no complaints were received in respect of fundraising.

Kiln Theatre has a Safeguarding and Vulnerable People Policy which includes guidelines for fundraising involving vulnerable young adults. Kiln Theatre seeks to ensure that all supporters are well informed and if there is any due cause to be concerned about a donor experiencing circumstances that may lead to a poorly informed decision any donation would not be accepted at that time.

The Executive Director, Finance Director and Director of Fundraising have reviewed and monitored all fundraising activity in 2020-21 against these policies and can report that there is no evidence of any negligence or non-compliance with the charity’s policies.

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Other Activities

Sustainability

Kiln Theatre continues to be an active participant in Julie’s Bicycle/London Theatre Consortium partnership. Kiln Theatre was awarded a 3* Creative Green rating for 2019/20, which is one star less than the rating received for the previous year. This was because the baseline date for data capture was reset by Julie’s Bicycle and it is not necessarily a reflection of practices within the organisation. It is hoped that the new plant equipment will lead to a reduction of carbon emissions for the next year, and all recommendations from Julie’s Bicycle’s 18/19 report have been reviewed and incorporated in an action plan.

Health and Safety

As part of the capital project we installed an integrated fire alarm system which covers both the Theatre and Cinema sides of the building, where previously we had two separate systems. The intruder alarm has been upgraded so that it conforms to current regulations and a modern 26-camera CCTV system has been installed throughout the building. To ensure that all our health and safety systems meet current standards following the completion of the capital project Kiln Theatre has undertaken a through fire risk assessment and commissioned a fire risk strategy for the new building. The Health and Safety policy has also been thoroughly reviewed and updated. Kiln Theatre was inspected by Brent Council and no concerns were raised about our health and safety procedures or practices. We are currently putting in measures according to new guidelines as a result of Covid-19.

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Kiln Theatre

Trustees’ report For the year ended 31 March 2021

The Staff

The organisation is run day to day by the Executive Team, supported by a senior management team who lead a skilled, experienced and highly committed permanent team of 30 staff. Over the course of the year the majority of our staff were furloughed for some of the time. The team are also supported by a casual workforce. This team were furloughed until October 2020 when unfortunately the decision was taken with no confirmed prospect of reopening at that point to make the all the Ushers and the majority of Box Office Assistants redundant. We retained 10 casual workers, Box Office Assistants and Duty Managers,who continued to be furloughed for the rest of the financial year. Kiln Theatre received £355,210 in support from the Coronavirus Job retention scheme which enabled redundancies to be kept to a minimum and for us to retain the majority of our highly skilled and committed staff team through the pandemic.

The Remuneration of Key Management Personnel

Key management personnel are those that the Trustees have delegated the day-to-day running of the charity to. During the year the Trustees considered the Artistic Director and Executive Director to be the key management personnel. Their remuneration is reviewed annually by the Finance, Risk & Remuneration Committee with reference to industry standards. As a result of the conditions surrounding the receipt of the CRF grant from the Arts Council, a pay freeze has been applied to the salary of the Chief Executive, Executive Director and Finance Director until 31 March 2023.

5. FINANCIAL REVIEW

The results for the year show net income of £813,227. With the Theatre and Cinema being closed for the entire year box office income was zero. The Theatre received substantial support in the year from the Arts Council England and DCMS in the form of 2 additional grants. The first was the emergency funding grant of Draft £280,000 and the second was the Cultural Recovery Fund grant (round 1) amounting to £364,000. This funding alongside our NPO grant, the funding from the Coronavirus Job Retention scheme of £355,000 and considerable support of our donors enabled the theatre to cover it’s costs of £2,162,767 with no other income. We received in excess of £1 milion in fundraising income with the majority of it restricted to be used to reopen the theatre and support productions from April 2021. At the year end restricted income funds amounted to £623,000 and were largely restricted to support our work post reopening.

Costs were considerably lower this year than in the previous year due to all production ceasing. Costs were associated largely with running the building whilst it was closed, our community and creative engagement work and our staff costs. The support of the Coronavirus Job Retention Scheme meant that we were able to hold off on redundancies until October and November 2020. Unfortunately we had to take the difficult decision to make 22 people redundant, including 4 from our permanent team. The cancellation of the 2 shows planned for early in the year led to net costs being incurred of £67,000. In addition to this other full time staff who were not furloughed voluntarily reduced their contract to 80% for a number of months which supported further cost savings.

The support of our donors and the Arts Council has meant that we were in a position to reflate our reserves to 3 months operating expenses which has proved a vital support to the Kiln as it opens post pandemic. At the start of the crisis the future of the Kiln was uncertain but it has come out of the pandemic stronger due to the action taken to control costs and the support received from our funders and supporters.

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Kiln Theatre

Trustees’ report For the year ended 31 March 2021

Investment Powers and Policy

Under the Articles of Association, the charity has the power to invest in any way the trustees wish for the long term benefit of the theatre. All surplus funds are currently held in cash deposits and are largely held with HSBC on deposit.

Reserves Policy

At 31 March 2021 the company held total reserves of £11,845,359. Of this reserve £11,082,531 was restricted, £315,828 was held in the general funds and £447,000 in designated funds. Within restricted funds there is a capital reserve of £10,459,008 largely as a result of improvements to the leasehold property. This is being amortised over the life of the asset. At the year end £623,523 was held in restricted income funds and was largely to support the reopening of the Theatre which took place in May 2021.

The reserves policy of the company is to maintain free reserves to cover the costs of 3 months’ operating expenses. At the year end £397,000 was calculated as 3 months opeating expenses and was designated as a separate fund by Trustees for the purpose of the reserve policy. In addition £50,000 was set aside as a capital maintenance fund for use for emergency repairs to the building. In addition to these designated reserves of £447,000, at 31 March 2021 free reserves stood at £315,828.

6. PLANS FOR THE FUTURE

The Kiln re-opened it’s doors to the public on 4[th] May with our café opening for drinks and snacks. As a result of the pandemic the catering operation had been brought in house and now operates through the Draft trading subsidiary, Tricycle Screen Limited. On 21[st] May 2021 the Theatre re-opened it doors to audiences for the first time since 16[th] March 2020 [check date of final uncancelled perf]. Our reopening season began with Amy Trigg’s award-winning debut play, Reasons You Should(n’t) Love Me, a heart-breaking yet hilarious tour-de-force performance about a young woman navigating her 20s with spina bifida. The production is directed by Charlotte Bennett and co-produced with all female-led production companies The Women’s Prize for Playwriting, Paines Plough and 45North.

Next the revival of Ayad Akhtar’s thrilling The Invisible Hand, directed by Indhu Rubasingham played in July 2021 and received a glowing critical and public reception.

Both Reasons You Should(n't) Love Me and The Invisible Hand were played to a socially distanced auditorium capacity with other Covid measures in place such as face masks, one way system and social distancing in line with government guidance in place at the time.

Our ambitious productions celebrating our local communities NW Trilogy by Moira Buffini, Suhayla ElBushra and Roy Williams and Zadie Smith’s playwriting debut The Wife of Willesden, will play from September 2021. NW Trilogy will be directed by Kiln Associate Directors Susie McKenna and Taio Lawson and will tell three local stories that changed the world and the bawdy The Wife of Willesden will be directed by Indhu Rubasingham and is a contemporary retelling of Chaucer’s The Wife of Bath.

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Kiln Theatre

Trustees’ report For the year ended 31 March 2021

7. TRUSTEES' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS

The Trustees (who are also directors of Kiln Theatre for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial statements, the trustees are required to:

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Draft

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the reparation and dissemination of financial statements may differ from legislation in other jurisdictions.

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Kiln Theatre

Trustees’ report For the year ended 31 March 2021

8. AUDITORS

Saffery Champness LLP were re-appointed as auditors. A resolution was passed at the Annual General Meeting that Saffery Champness LLP continue as auditors to the charity for the ensuing year.

The Trustees’ Report, which incorporates the Strategic Report, has been approved by the Board of Trustees.

Dawn Austwick

Chair of the Trustees

7 October 2021

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Kiln Theatre

Independent auditors’ report to the members For the year ended 31 March 2021

Opinion

We have audited the financial statements of Kiln Theatre (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2021 which comprise the consolidated statement of financial activities, the consolidated and charity balance sheets, the consolidated statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Draft group and parent charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

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Kiln Theatre

Independent auditors’ report to the members (continued) For the year ended 31 March 2021

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information; we are required to report that fact.

We have nothing to report in this regard.

Other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Annual Report and Strategic Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 require us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees’ Responsibilities set out on page 9, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of the financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate

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Kiln Theatre

Independent auditors’ report to the members (continued) For the year ended 31 March 2021

the group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditors under the Companies Act 2006 and report in accordance with regulations made under that Act.

Our objectives are to obtain reasonable assurance about whether the group and parent financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.

Identifying and assessing risks related to irregularities:

We assessed the susceptibility of the group and parent charitable company’s financial statements to material misstatement and how fraud might occur, including through discussions with the trustees, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the group and parent charitable company by discussions with trustees and updating our understanding of the sectors in which the group and parent charitable company operate.

Laws and regulations of direct significance in the context of the group and parent charitable company include The Companies Act 2006 and guidance issued by the Charity Commission for England and Wales.

Audit response to risks identified:

We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the parent charitable company’s records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the parent charitable company’s policies and procedures for compliance with laws and regulations with members of management responsible for compliance.

During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner’s review included ensuring that the team had approached their work with

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Kiln Theatre

Independent auditors’ report to the members (continued) For the year ended 31 March 2021

appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.

There are inherent limitations in the audit procedures described above and the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the parent charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent charitable company and the parent charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Cara Turtington (Senior Statutory Auditor) for and on behalf of Saffery Champness LLP

71 Queen Victoria Street London Chartered Accountants Statutory Auditors EC4V 4BE

Date: 12 November 2021

Page 15

Kiln Theatre

Consolidated statement of financial activities (Incorporating an income and expenditure account) For the year ended 31 March 2021

Notes
Income and
endowments from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
8
Total expenditure
Net income /
(expenditure) for the
year
Taxation – Theatre tax
credit
9
Transfers between funds
1
0
Net movements in funds
Funds brought forward
Funds carried forward
1
0		 General
Fund
£
1,513,253
97,742
2,433
266
1,613,694
211,452
671,806
893,258
720,436
-
(472,770)
247,666
47,984
295,650		 Designated
Funds
£
-
-
-
-
-
-
-
-
-
-
447,000
447,000
-
447,000		 Restricted
Funds
£
1,362,301
-
-
-
1,362,301
-
1,269,510
1,269,510
92,791
-
25,770
118,561
10,984,148
11,102,709		 2021
Total
£
2,875,554
97,742
2,433
266
2,975,995
211,452
1,941,316
2,162,768
813,227
-
-
813,227
11,032,132
11,845,359		 2020
Total
£
1,769,044
1,344,069
83,492
248
3,196,853
212,988
3,851,960
4,064,948
(868,095)
203,067
-
(665,028)
11,697,160
11,032,132

The Statement of Financial Activities contains all recognised gains and losses in the year.

All activities relate to continuing operations.

The notes on pages 20 to 39 form part of these financial statements.

Page 16

Kiln Theatre

Balance sheets As at 31 March 2021

Notes
Fixed assets
Tangible fixed assets
11
Intangible fixed assets
12
Investments
13
Current assets
Debtors
14
Cash
Creditors: amounts falling due
in less than one year
15
Net current assets
Net assets		 Charity only
2021
2021
£
£
10,436,321
22,687
200
10,459,208
368,383
1,596,733
1,965,116
(569,185)
1,395,931
11,855,139		 Draft
Consolidated
2021
2021
£
£
10,436,321
22,687
-
10,459,008
360,762
1,598,681
1,959,443
(573,092)
1,386,351
11,845,359		 Charity only
2020
2020
£
£
10,776,231
34,010
200
10,810,441
492,913
710,395
1,203,308
(972,544)
230,764
11,041,205		 Consolidated
2020
2020
£
£
10,776,231
34,010
-
10,810,241
487,945
710,395
1,198,340
(976,449)
221,891
11,032,132		 Consolidated
2020
2020
£
£
10,776,231
34,010
-
10,810,241
487,945
710,395
1,198,340
(976,449)
221,891
11,032,132
10,810,241
221,891
11,032,132

Page 17

Kiln Theatre

Balance sheets (continued) As at 31 March 2021

Notes
Represented by:
General fund
10
Designated funds
10
Restricted funds:
10
-
Capital funds
-
Income funds
Net assets
18		 Charity only
2021
2021
£
£
305,430
447,000
10,459,008
643,701
11,102,709
11,855,139		 Consolidated
2021
2021
£
£
295,650
-
447,000
10,459,008
643,701
11,102,709
11,845,359		 Charity
2020
£
10,784,47
199,677		 only
2020
£
57,057
-
10,984,148
11,041,205		 Consolidated
2020
2020
£
£
47,983
-
10,784,47
199,678
10,984,149
11,032,132		 Consolidated
2020
2020
£
£
47,983
-
10,784,47
199,678
10,984,149
11,032,132
11,032,132

As permitted by s408 Companies Act 2006, the charity has not presented its own profit and loss account and related notes. The charity’s profit as defined by the Companies Act 2006 for the year was £813,934 (2020: loss of £617,725).

The notes on pages 20 to 39 form part of these financial statements

The financial statements were approved by the Board on 7 October 2021. .

Dawn Austwick Chair

Page 18

Kiln Theatre

Consolidated statement of cash flows For the year ended 31 March 2021

Notes
Cash flows from operating
activities:
Net income for the reporting period
Tax credit receivable
Depreciation
Amortisation of intangible fixed asset
Disposal of fixed assets
Decrease/(increase) in debtors
(Decrease)/increase in creditors
Net cash provided by operating
Activities
Cash flows from investing
Activities
Purchase of fixed assets
Net cash used in financing
Activities
Net cash movement
Cash at 1 April 2020
Cash at 31 March 2021
Net cash movement
19		 2021
£
813,227
-
331,119
11,323
8,791
127,183
(403,357)
-		 £
888,286
-
888,286
710,395
1,598,681
888,286		 2020
£
£
(868,095)
203,067
342,964
11,323
-
450,058
(99,621)
39,696
(25,770)
(25,770)
13,926
696,469
710,395
13,926		 2020
£
£
(868,095)
203,067
342,964
11,323
-
450,058
(99,621)
39,696
(25,770)
(25,770)
13,926
696,469
710,395
13,926
13,926
696,469
710,395
13,926

Page 19

Kiln Theatre

Notes to the financial statements For the year ended 31 March 2021

1. Accounting policies

1.1

Accounting convention

The financial statements have been prepared under the historical cost convention. The accounts (financial statements) have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) second edition and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Companies Act 2006 and UK Generally Accepted Practice as it applies from 1 January 2019.

The Charity constitutes a public benefit entity as defined by FRS102.

The financial statements are prepared in sterling, which is the functional currency of the Charity. Monetary amounts in these financial statements are rounded to the nearest £.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in the operational existence for the foreseeable future. The Trustees have prepared financial plans to 31 March 2022, and while there is some unpredictability to the level of earned income in financial year 2021/22, Trustees will ensure that activity plans sit within the resources available. The company has made maximum use of the furlough scheme, received an emergency funding grant from the Arts Council and with the generosity of its donors has enabled a financial situation in 2020/21 that will put it in a stable financial situation to face the uncertainty of the next 12 months. The Trustees therefore confirm that it is appropriate to continue to produce the accounts on a going concern basis.

1.3 Income

Income from donations and grants, including capital grants, is included in income when there is entitlement, probability of receipt and the amount can be measured with sufficient reliability, unless the donor has specified that the donation or grant relates to a future period or that certain pre-conditions must be fulfilled before use. In these cases amounts received are recognised in the relevant period or when the pre-conditions have been met and until then treated as deferred income. Donations and grants for particular purposes are included in incoming resources as restricted funds.

Production Income is included in income in the period in which the relevant performance takes place. Income related to productions in a subsequent period is treated as deferred income.

All other income is recognised on an accruals basis once the charity is legally entitled to receipt.

All income is recorded net of VAT.

Page 20

Kiln Theatre

Notes to the financial statements (continued) For the year ended 31 March 2021

1. Accounting policies (continued)

(continued)

1.4 Expenditure

Expenditure is included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered.

Expenditure is recognised when a liability is incurred. Costs of raising funds are those costs incurred in attracting voluntary income and those incurred in the operation of trading activities which raise funds. Charitable activities includes expenditure associated with the operation of the theatre and such directly associated activities as educational programmes and the Directors programme. Cost of charitable activities includes both the direct cost of activities and related support costs. Support costs include central functions and have been allocated to activity costs on a basis consistent with the use of resources. This is frequently on the basis of staff time spent in each area but other bases such as usage are also employed. Support costs also include Governance costs. Governance costs include those incurred in the governance of the charity and its assets and are primarily associated with constitutional and statutory requirements.

Where performances of a production straddle the balance sheet date, production costs are apportioned in relation to the number of performances falling within each period and the amount relating to performances after the balance sheet date are treated as debtors.

1.5 Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, once brought into use, as follows:

Leasehold improvements Over the life of the lease Leasehold land Over the life of the lease Fixtures, fittings and equipment 25% reducing balance

1.6 Intangible fixed assets and amortisation

Intangible fixed assets are stated at costs less amortisation. Intangible fixed assets held on the balance sheet relate to the costs associated with the website. This is amortised over five years as this is the period deemed to be the life of the website and ensure the costs are reflected over the useful life of the asset.

1.7 Leasing

Rent payable under operating leases is charged against income on a straight line basis over the lease term.

Page 21

Kiln Theatre

Notes to the financial statements (continued) For the year ended 31 March 2021

1. Accounting policies (continued)

(continued)

1.8 Investments

The Statement of Recommended Practice requires investments to be stated at market value. The investments of Kiln Theatre consist of two subsidiaries, Tricycle Screen Limited and Kiln London Productions Limited. Both companies are not quoted and the directors consider it appropriate to include the investments at cost.

1.9 Pensions

The charity operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the Statement of Financial Activities in the year they are payable.

1.10 Consolidation

The consolidated financial statements present information about the company and its wholly owned subsidiary companies Tricycle Screen Limited and Tricycle London Productions Limited.

1.11 Fund accounting

Funds received for a purpose specified by the donor are credited to restricted funds. Expenditure incurred on these purposes is then charged to the funds as it is incurred.

All other income is treated as unrestricted funds. The Trustees have chosen to designate certain funds for specific future expenditure as explained in the Trustees’ Report.

1.12 Financial instruments

The Charitable Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial assets, other than those held at fair value through the statement of financial activities, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the statement of financial activities.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

Page 22

Kiln Theatre

Notes to the financial statements (continued) For the year ended 31 March 2021

1. Accounting policies (continued)

(continued)

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors do not believe that there is a significant risk of a material adjustment being made to the carrying amounts of assets and liabilities included in these financial statements within the next financial year.

3.

Status of company

The company is a registered charity, limited by guarantee. The total of such guarantees at 31 March 2021 was £8 (2020: £12).

Page 23

Kiln Theatre

Notes to the financial statements (continued) For the year ended 31 March 2021

4. Income from donations and legacies

come from donations and legacies
Unrestricted
£
Creative engagement grant income
-
Grant income
130,100
Donations
203,338
Arts Council income
844,782
Coronovirus job retention scheme grant
355,210
1,533,430		 Restricted
£
234,256
361,000
102,529
644,338
-
1,342,123		 Total
2021
£
234,256
491,100
305,867
1,489,120
355,210
2,875,553

The Arts Council supported the Theatre with 2 additional grants (the Culture Recovery Fund and the Emergency Funding Grant) to the value of £644,000 which was in excess of the £844,782 received in National Portfolio Organisation Grant. In total Kiln Theatre received £1,489,000 in funding from the Arts Council.

In addition to this we are hugely grateful to the following individuals, trusts and foundations who supported us in 2020-21:

Backstage Trust Ros and Alan Haigh Marie-Louise von Motesiczky Charitable Trust Adam Kenwright Bertha Foundation 29[th] May 1961 Charitable Trust John Lyon’s Charity Vanderbilt Family Foundation Wellington Management UK Foundation Sir Trevor and Lady Susan Chinn Roddick Foundation Jeremy Lewison and Caroline Schuck Foyle Foundation Elaine Morris Pears Foundation Jonathan Levy and Gabrielle Rifkind Young Londoners Fund The Basden Family Cockayne – Grants for the Arts and London Noël Coward Foundation Community Foundation Carol and Gary Fethke Esmée Fairbairn Foundation Atalanta Goulandris and Stephane Gripari The late Harry Rose Penny Badowska Jules and Cheryl Burns John Thaw Foundation BBC Children in Need Three Monkies Trust Dasha Theatricals Rosemary Morgan Matthew Greenburgh and Helen Payne David and Iona Heath Christopher Hogg Gerald Moss Brent, London Borough of Culture 2020 Laure Duvoisin Tim and Cathy Score Alan and Virginia Lynch Dawn Austwick Nicola Horton and Tiffany Evans Sarah and Joseph Zarfaty Nicola Kerr Jon and NoraLee Sedmak Frances Magee Primrose and David Bell Alan Maclean and Jo Corkish Matthew McDougall

And thousands of others, including those who prefer to remain anonymous.

Page 24

Kiln Theatre

Notes to the financial statements (continued) For the year ended 31 March 2021

4. Income from donations and legacies (continued)

Unrestricted Restricted Total
2020
£ £ £
Creative engagement grant income - 204,178 204,178
Grant income 150,600 286,639 437,239
Donations 248,368 45,006 293,374
Arts Council income 829,519 - 829,519
Coronovirus job retention scheme grant 4,734 - 4,734
1,233,221 535,823 1,769,044
5. Income from charitable activities
Unrestricted Restricted Total
2021
£ £ £
Production income 36,887 - 36,887
Workshops and courses 55,216 - 55,216
Theatre Tax Relief from co-producers 5,639 - 5,639
97,742 - 97,742
Unrestricted Restricted Total
2020
£ £ £
Production income 1,200,859 - 1,200,859
Workshops and courses 82,390 - 82,390
Grants relating to productions - 60,820 60,820
1,283,249 60,820 1,344,069
6. Income from other trading activities
Total/ Total/
Unrestricted Unrestricted
2021 2020
£ £
Sales and merchandising 69 75,831
Sundries 2,364 7,661
2,433 83,492

Page 25

Kiln Theatre

Notes to the financial statements (continued) For the year ended 31 March 2021

7. Investment income

Exchange movement
Interest received
8.
Expenditure
Raising funds
Raising donations
Trading
Charitable activities
Production
Creative engagement
Community engagement
National Lottery Heritage Fund
Cinema
Support costs
Advertising, publicity and
Marketing
Administrative staff
Premises costs
Office costs
Professional and financial
Governance
Audit fee
Other fees paid to auditors
Depreciation and amortisation
Operating lease payments
Loss on exchange		 Unrestricted/ Unrestricted/
Total
Total
2021
2020
£
£
-
-
266
248
266
248
Direct
Support
Total
costs
costs
2021
£
£
£
119,160
101,586
220,746
706
-
706
119,866
101,586
221,452
726,401
619,263
1,345,664
239,494
204,171
443,665
66,293
56,516
122,809
12,063
10,284
22,347
3,687
3,143
6,830
1,047,938
893,377
1,941,315
1,167,804
994,963
2,162,767
113,906
208,138
176,498
84,368
17,735
2,994
13,881
4,589
342,442
28,358
2,054
994,963		 Unrestricted/ Unrestricted/
Total
Total
2021
2020
£
£
-
-
266
248
266
248
Direct
Support
Total
costs
costs
2021
£
£
£
119,160
101,586
220,746
706
-
706
119,866
101,586
221,452
726,401
619,263
1,345,664
239,494
204,171
443,665
66,293
56,516
122,809
12,063
10,284
22,347
3,687
3,143
6,830
1,047,938
893,377
1,941,315
1,167,804
994,963
2,162,767
113,906
208,138
176,498
84,368
17,735
2,994
13,881
4,589
342,442
28,358
2,054
994,963		 Unrestricted/ Unrestricted/
Total
Total
2021
2020
£
£
-
-
266
248
266
248
Direct
Support
Total
costs
costs
2021
£
£
£
119,160
101,586
220,746
706
-
706
119,866
101,586
221,452
726,401
619,263
1,345,664
239,494
204,171
443,665
66,293
56,516
122,809
12,063
10,284
22,347
3,687
3,143
6,830
1,047,938
893,377
1,941,315
1,167,804
994,963
2,162,767
113,906
208,138
176,498
84,368
17,735
2,994
13,881
4,589
342,442
28,358
2,054
994,963
248
Total
2021
£
220,746
706
221,452
1,345,664
443,665
122,809
22,347
6,830
1,941,315
2,162,767
113,906
208,138
176,498
84,368
17,735
2,994
13,881
4,589
342,442
28,358
2,054
994,963

Page 26

Kiln Theatre

Notes to the financial statements (continued) For the year ended 31 March 2021

8. Expenditure (continued)

xpenditure (continued)
Raising funds
Raising donations
Trading
Charitable activities
Production
Creative engagement
National Lottery Heritage Fund
Cinema
Support costs
Advertising, publicity and
Marketing
Administrative staff
Premises costs
Office costs
Professional and financial
Governance
Audit fee
Other fees paid to auditors
Depreciation and amortisation
Operating lease payments
Loss on exchange		 Direct
costs
£
138,596
51
138,647
1,949,746
305,054
102,582
149,776
2,507,158
2,645,805		 Support
costs
£
74,341
-
74,341
1,045,814
163,627
55,023
80,338
1,344,802
1,419,143		 Total
2020
£
212,937
51
212,988
2,995,560
468,681
157,605
230,114
3,851,960
4,064,948
267,175
227,870
360,738
127,662
18,402
16,317
16,800
5,432
354,286
22,361
2,099
1,419,143

9. Taxation

The company is registered as a charity under the Charities Act 2011 and as such is entitled to the exemptions under Income and Corporation Taxes 1988. The tax credit of £nil (2020: £203,067) recognised in the Statement of Financial Activities represents the amount receivable for Theatre Tax Relief.

Page 27

Kiln Theatre

Notes to the financial statements (continued) For the year ended 31 March 2021

10. General, restricted and designated funds

eneral, restricted and designated funds
Balances brought
forward
£
Restricted income funds
Creative engagement
44,418
Productions
5,000
Other
150,259
199,677
Restricted capital funds
Leasehold improvements
9,792,482
Freehold land
350,000
Leasehold premises
365,762
Fixtures, fittings and equipment
242,217
Website
34,010
10,784,471
Total restricted funds
10,984,148
General fund
47,984
Designated funds
Capital improvement
Three months operating costs
-
Total designated fund
-
Total
11,032,132		 Income
Expenditure
£
£
224,256
137,264
25,000
10,000
1,113,045
771,013
1,362,301
918,277
-
274,257
-
-
-
5,099
-
60,554
-
11,323
-
351,233
1,362,301
1,269,510
1,613,694
893,258
-
-
-
-
2,975,995
2,162,768		 Transfers
£
-
-
-
-
25,770
-
-
-
-
25,770
25,770
(472,770)
50,000
397,000
447,000
-		 Taxation
Balances
carried forward
£
£
-
131,410
-
20,000
-
492,291
-
643,701
-
9,543,995
-
350,000
-
360,663
-
181,663
-
22,687
-
10,459,008
-
11,102,709
-
295,650
-
50,000
397,000
-
447,000
-
11,845,359
643,701
9,543,995
350,000
360,663
181,663
22,687
10,459,008
11,102,709
295,650
50,000
397,000
447,000
11,845,359

Page 28

Kiln Theatre

Notes to the financial statements (continued) For the year ended 31 March 2021

10. General, restricted and designated funds (continued)

Balances brought
Forward
2019
£
Restricted income funds
Creative engagement
70,000
National Lottery Heritage Fund
-
Productions
-
Other
57,582
127,582
Restricted capital funds
Leasehold improvements
10,049,608
Freehold land
350,000
Leasehold premises
370,861
Fixtures, fittings and equipment
322,956
Website
45,333
11,138,758
Total restricted funds
11,266,340
General fund
430,820
Total
11,697,160		 Income
Expenditure
£
£
204,178
229,759
121,629
121,629
60,820
55,820
210,016
117,339
596,643
524,547
-
257,126
-
-
-
5,099
-
80,739
-
11,323
-
354,287
596,643
878,834
2,600,210
3,186,114
3,196,853
4,064,948		 Transfers
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Taxation
Balances
carried forward
2020
£
£
-
44,418
-
-
-
5,000
-
150,259
-
199,678
-
9,792,482
-
350,000
-
365,762
-
242,217
-
34,010
-
10,784,471
-
10,984,149
203,067
47,983
203,067
11,032,132		 Taxation
Balances
carried forward
2020
£
£
-
44,418
-
-
-
5,000
-
150,259
-
199,678
-
9,792,482
-
350,000
-
365,762
-
242,217
-
34,010
-
10,784,471
-
10,984,149
203,067
47,983
203,067
11,032,132
199,678
9,792,482
350,000
365,762
242,217
34,010
10,784,471
10,984,149
47,983
11,032,132

Page 29

Kiln Theatre

Notes to the financial statements (continued) For the year ended 31 March 2021

  1. General, restricted and designated funds (continued)

Restricted funds

Restricted funds can only be spent on the projects they were given to support.

Restricted capital funds represent the fundraising carried out for the major capital projects. Covenants in place governing the future use of the building mean that these funds remain restricted even when the work is complete.

Designated Funds

The Trustees designated 2 funds in the year. £397,000 was set aside as 3 months operating expenses in line with its reserves policy. In addition to this £50,000 was set aside as a capital maintenance fund to ensure funds are available for capital repairs to the building.

Page 30

Kiln Theatre

Notes to the financial statements (continued) For the year ended 31 March 2021

11.
Fixed assets
Charity and Group
Leasehold
Improvements
£
Cost
At 1 April 2020
11,019,138
Additions
-
Disposal
(8,791)
At 31 March 2021
11,010,347
Depreciation
At 1 April 2020
1,205,985
Charge for the year
265,466
Removed on disposal
At 31 March 2021
1,471,451
At 31 March 2021
9,538,896
At 31 March 2020
9,813,152		 Freehold
land
£
350,000
-
-
350,000
-
-
-
350,000
350,000		 Leasehold
premises
£
593,024
-
-
593,024
222,163
5,099
227,262
365,762
370,862		 Fixtures,
fittings and
equipment
£
484,211
-
-
484,211
241,994
60,554
302,548
181,663
242,217		 Total

£
12,446,373
-
(8,791)
12,437,582
1,670,142
331,119
2,001,261
10,436,321
10,776,231

Page 31

Kiln Theatre

Notes to the financial statements (continued) For the year ended 31 March 2021

12.
Intangible fixed assets
Charity and Group


Cost
Cost brought forward
Additions
At 31 March 2021
Amortisation
Amortisation brought forward
Charge for the year
At 31 March 2021
At 31 March 2021
At 31 March 2020		 Website
£
56,616
-
56,616
22,606
11,323
33,929
22,687
34,010

Page 32

Kiln Theatre

Notes to the financial statements (continued) For the year ended 31 March 2021

13. Investments

nvestments
Shares in
subsidiary
undertakings
£
Cost
At 1 April 2020 and 31 March 2021 200
Net book value
At 1 April 2020 and 31 March 2021 200

Holdings of more than 20%

The company holds more than 20% of the share capital of the following companies:

Company Country of Class Shares % Reserves at 31
corporation held March 2021
Tricycle Screen Limited England and Ordinary 100 100 (£482)
(03077972) Wales
Kiln London Productions England and Ordinary 100 100 (£7,888)
Limited (04807399) Wales
14. Debtors
Charity 2021 2020
£ £
Trade debtors 39,915 56,305
Amounts due from subsidiaries 7,621 4,967
Prepayments and accrued income 267,925 408,031
VAT 33,953 -
Other debtors 18,969 23,610
368,383 492,913
Group 2021 2020
£ £
Trade debtors 39,915 56,305
Prepayments and accrued income 267,925 408,031
VAT 33,953 -
Other debtors 18,969 23,610
360,762 487,945

Page 33

Kiln Theatre

Notes to the financial statements (continued) For the year ended 31 March 2021

15.
Creditors
Charity
Trade creditors
Other tax and social security
Accruals
Deferred income
VAT provision
Other creditors
Group
Trade creditors
Other tax and social security
Accruals
Deferred income
VAT provision
Other creditors		 2021
£
87,347
26,331
122,712
103,459
174,696
54,640
569,185
2021
£
91,256
26,331
122,710
103,459
174,696
54,640
573,092		 2020
£
150,747
37,367
372,082
168,072
205,760
38,516
972,544
2020
£
154,652
37,367
372,082
168,072
205,760
38,516
976,449

Deferred income of £103,459 relates to ticket sales for productions taking place after the year end and co production payments received in respect of productions due to take place in 2021/22.

Page 34

Kiln Theatre

Notes to the financial statements (continued) For the year ended 31 March 2021

16. Financial commitments

16.1 Operating leases

As at 31 March 2021, the company had annual commitments under non-cancellable operating leases as follows:

Expiry date:
Within 1 year
Within 1 – 2 years
Within 2 – 5 years
In more than 5 years		 Land and
2021
£
30,001
30,001
90,003
780,096
930,101		 building
2020
£
20,001
20,001
60,003
540,097
640,102		 Equipment
2021
2020
£
£
2,108
2,108
2,108
2,108
176
2,284
-
-
4,392
6,500		 Equipment
2021
2020
£
£
2,108
2,108
2,108
2,108
176
2,284
-
-
4,392
6,500
6,500

Kiln Theatre has 2 leases. The landlords of the first lease are The Trustees of Court Abbey 1940 Branch of the Ancient Order of Foresters and the lease term is until 11 April 2052. The second lease is with Brent Council and is for a period of 125 years from 1995 so will end in 2120.

16.2 Capital commitments and contingent liabilities

At 31 March 2021 the charity had contractual commitments in respect of the finalisation of the building project. The building was occupied from September 2018 and at 31 March 2021 final payments were still due to be made to the contractor in respect of the final work to complete the project. At the year end costs to finalise the capital project of £66,349 were accrued and as such there were no other capital commitments in respect of the project.

On 29 February 2016 the Arts Council of England took out a legal charge over the property at 269 Kilburn High Road in respect of the use of its funding for the capital project that runs for 20 years.

Page 35

Kiln Theatre

Notes to the financial statements (continued) For the year ended 31 March 2021

17. Employees

Number of employees

The average number of employees during the year was 59 (2020: 63).

This is split as follows:

Number of staff
Finance and Administration
Production
Artistic
Fundraising
Front of House Staff
Creative engagement
Operations
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2021
No
6
4
3
4
23
17
9
66
2021
£
1,042,979
81,035
24,353
1,148,367		 2020
No
6
4
16
4
23
4
6
63
2020
£
1,310,283
110,773
30,690
1,451,746

No Directors of the company were employed or received any remuneration or reimbursement of expenses.

No member of staff received a salary of over £60,000. (2020: 1 between £60,000 and £70,000).

Key management personnel is defined as the Executive Team. Total remuneration of key management personnel in the period was £116,426 (2020: £122,340).

Included within wages and salaries costs are redundancy and termination payments of £38,609 (2020: £12,500).

Page 36

Kiln Theatre

Notes to the financial statements (continued) For the year ended 31 March 2021

18. Analysis of funds

Group
Fixed assets
Current assets
Current liabilities
Charity
Fixed assets
Current assets
Current liabilities
Group
Fixed assets
Current assets
Current liabilities
Charity
Fixed assets
Current assets
Current liabilities		 General
funds
-
868,742
(573,092)
295,650
200
874,415
(569,185)
305,430		 Desigated
funds
£
447,000		 Restricted
Funds
£
10,459,008
643,701
-
11,102,709
10,459,008
643,701
-
11,102,709
Restricted
Funds
£
10,784,471
199,678
-
10,984,149
10,784,471
199,677
-
10,984,148		 Total
2021
£
10,459,008
1,959,443
(573,092)
447,000 11,845,359
-
447,000
-		 10,459,208
1,965,116
(569,185)
447,000 11,855,139
General
Funds
£
25,770
998,662
(976,449)
47,983
25,970
1,003,631
(972,544)
57,057		 Total
2020
£
10,810,241
1,198,340
(976,449)
11,032,132
10,810,441
1,203,308
(972,544)
11,041,205

Page 37

Kiln Theatre

Notes to the financial statements (continued) For the year ended 31 March 2021

19. Analysis of net debt

Cash at 1 April Cash movement Cash at 31
2020 March 2021
£ £ £
Cash held 710,395 888,286 1,598,681

20. Related party transactions

At the year end, the company was owed £1,663 from Tricycle Screen Limited and £5,958 from Kiln London Productions Limited.

During the year, Tricycle Screen Limited made a loss of £596 (2020: profit of £nil).

During the year, Kiln London Productions Limited made a loss of £110 (2020: loss of £52).

No Trustees received any remuneration during the year.

The charity received an aggregate amount of £11,339 in donations from Trustees during the year. (2020: £46,669)

Page 38

Kiln Theatre

Notes to the financial statements (continued) For the year ended 31 March 2021

21. Comparative statement of financial activities

Income and endowments from:
Donations and legacies
Charitable activities
Other trading activities
Investments
Total income
Expenditure on:
Raising funds
Charitable activities
Total expenditure
Net income for the year
Taxation – theatre tax credit
Transfers between funds
Net movements in funds
Funds brought forward
Funds carried forward		 Unrestricted
funds
£
1,233,221
1,283,249
83,492
248
2,600,210
212,988
2,973,126
3,186,114
(585,904)
203,067
-
(382,837)
430,820
47,983		 Restricted
Funds
£
535,823
60,820
-
-
596,643
-
878,834
878,834
(282,191)
-
-
(282,191)
11,266,340
10,984,149		 2020
Total
£
1,769,044
1,344,069
83,492
248
4,967,540
254,759
3,774,892
4,064,948
(868,095)
203,067
-
(665,028)
11,697,160
11,032,132

Page 39